As the name suggests, this Scotiabank chequing account will get you all the basic features you need in a dependable banking account.
It keeps you covered with 25 free transactions per month, plus the option to waive the $11.95 monthly fee by keeping just $3,000 in your account.
Scotiabank Basic Plus features
If you don’t make a lot of debit transactions, this basic Scotiabank chequing account should give you everything you need.
Why You Want It
Get 25 free debit transactions + unlimited Interac e-Transfers per month.
Special Features
- Send money globally for $1.99
- $4 senior's discount
Eligibility
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
Provinces
ALL
Features
Minimum Balance To Waive Fee
$3,000
# Of Free Monthly Transactions
25
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$11.95
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Scotiabank Basic Plus Account product rating: 3.1 stars
This product definitely isn’t terrible. It has the basic features you want, and for the right person it could be exactly what you need. But it has none of the extras that really help chequing accounts stand out from the crowd.
My major gripe with the account is you can get unlimited transactions for only $5 more per month with the Preferred Package, which is waived by keeping only an additional $1,000 in the account. You could also do away with the fee altogether and still get unlimited transactions with an online bank account.
Rating methodology
So how do we come to our rating? First, we identify which features products in the same category have. In this case, we looked at bank accounts. This is how the feature table you see above came to be.
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Scotiabank Basic Plus Account
Pros
Lots of physical bank locations
One of the major pros of a big 5 bank is that you’ll have plenty of physical locations (and ATMs) available to you, letting you get your money-matters handled face-to-face.
Decent amount of free transactions
This account comes with 25 free debit transactions every month and unlimited Interac e-Transfers.
Ability to waive monthly fee
If you keep at least $3,000 in your account every day of the month, you won’t have to pay the monthly fee.
Full suite of Scotiabank’s basic features
You’ll get everything you can expect from a Scotiabank account, including free credit score reports, online and mobile access, and mobile cheque deposits.
The cons of the Scotiabank Basic Plus Account
Cons
Only get a set amount of free transactions
Once you hit the monthly 25 transactions mark, you’ll be charged $1.25 for every additional transaction until the next month starts. That can add up quick – so it’s best to avoid at all costs.
Monthly fee if you dip under a $3,000 balance
If your account balance goes under $3,000 even once, you’ll be charged the $11.95 fee for that month. This also encourages stockpiling money instead of investing or earning interest on it.
Charged for each non-Scotiabank ATM withdrawal
If you’re in a pinch and can’t get to a Scotiabank ATM, you’ll be charged $3 for the withdrawal in Canada. This will go up to $5 on international ATMs and are on top of the ATM’s own convenience fees.
Scotiabank Basic Plus account alternatives
But there are plenty of bank accounts out there, so it’s good to know what your options are before you get everything settled. Here’s a comparison between similar products at 2 other major banks – BMO and RBC – plus what you could get from an online bank.
 |  | |  | |
|---|---|---|---|---|
| Account | Scotiabank Basic Plus Bank Account | BMO Plus Chequing Account | BMO Premium Chequing Account | RBC VIP Banking |
| Genius Rating | ||||
| Why You Want It | Get 25 free debit transactions + unlimited Interac e-Transfers per month. | Get a $100 welcome bonus + 25 transactions per month. |  $50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. |
| Minimum Balance To Waive Fee | $3,000 | $3,000 | $6,000 | N/A |
| # Of Free Monthly Transactions | 25 | 25 | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $11.95 | $11.95 | $30.95 | $30.00 |
| Excess Transaction Fee | $1.25 | $1.25 | N/A | $0.00 |
Show More | ||||
| Open an account See more Scotiabank products Compare | Open an account See more BMO products Compare | I Want This Deal See more BMO products Compare | Learn More See more RBC products Compare |
How Basic Plus stacks up against other Scotiabank chequing accounts
Scotiabank also has its own selection of chequing accounts for you to choose from. Here are the main features of all 4 main accounts.
| | | |
|---|---|---|---|
| Account | Scotiabank Ultimate Package | Scotiabank Preferred Package | Scotiabank Basic Bank Account |
| Genius Rating | |||
| Why You Want It | $100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers. | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | Free for seniors + Low $3.95 monthly fee. |
| Minimum Balance To Waive Fee | $6,000 | $4,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.95 | $16.95 | $3.95 |
| Excess Transaction Fee | $0.00 | N/A | $1.25 |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Open an account See more Scotiabank products Compare |
FAQ
Who can open an account?
In order to open a Scotiabank chequing account, you have to be at least 16 years old, a resident of Canada (or here for work or study), opening it for yourself, and have an email account. This can be done in-branch or online.
How do I open an account?
To open this account, simply go to this link and click on the “Get Basic Plus Bank Account” button. You will then be prompted to either login or, if you’re a new user, choose what type of rewards you’d like to earn. From then you’ll be expected to give only standard information, like name, birthday, and social insurance number. The whole process should only take a few minutes.
How do I access my Scotiabank account login?
To login to Scotiabank, simply follow this link and click in the big red “Sign in” box in the top right corner. You’ll be prompted to enter your username or card number and your password. Please note that you have to first activate ScotiaOnline before you can access online banking services.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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